$470 million were signed between Philippines and Saudi Entrepreneurs

President Rodrigo Duterte invited Saudi entrepreneurs to
invest in the Philippines, seven business deals worth $470 million were signed
between the Philippines and local businessmen.

President Duterte witnessed the signing of the agreements
during a business forum attended by top business leaders of Saudi Arabia and
the Philippines.

“The estimated amount of investment is about $470 million.
That will create 16,000 new jobs in the country,” Trade secretary Ramon Lopez
said in a press conference here.

"We look forward to a much stronger relationship with
Saudi Arabia. They’re doing a lot for our citizens here and we see bright
prospects,” he added.

Lopez declined to name the companies who will sign the
agreements but revealed that they are into halal production, tourism, hotels,
pharmacy, manufacturing, agriculture, engineering, tourism and logistics.

“It was good that the president himself is our trade and
investment ambassador. Every time he talks with his counterpart, he pushes for
trade and asks them to buy more of our exports and invite investors to the
Philippines and to take advantage of the current economic boom we are
experiencing,” Lopez said.

Lopez said he was optimistic regarding the outcome of the
presidential delegations visit as well as in the bilateral trade volume between
the two countries.